The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1887-12-13

as repositories OF PUBIC money were per
mitted to somewhat increase their deposits
While the expedients thus employed. Il
release to the people The money lying idl
| In the treasury, served to avert immediat'
danger, our surplus revenues have contin
ued to accumulate. the excess for the pres
ent year amounting On the first day Of
December to $50, 25S, 70l.19.
And estimated to reach the sum of $113,
600 600 on the 30th of June next, at which
date it is expected that this sum, sdded Il
prior accumuIations, will swell the surplu:
In the treasury to $40, 600, 900. There seem
to be no assurance, that with such with
drawal from use of the peoples circulating
medium, our business community may mol
in the near future be subjected to the same
distress which was quite lately produced
from the same cause. And while the
functions of our national treasury should
be few and simple, and while Its best con-
dition would be reached believe, by Its
entire disconnection with private business
interests, yet, when, by a perversion OF lis
purposes, it idly holds money uselessly sub
tracted from the channels of trade, there
seems to be reason for the claim that some
legitimate means should be devised by the
government to restore in an emergency,
without waste, or extravaganza, such
money to its place among the people
If such an emergency arises there now ex-
lists no clear and undoubted executive
power of relief. Heretofore the redemp-
ton of three per cent bonds, which were
payable at the option of the government
has afforded a means for the disbursement,
of the excess of our revenues but these
BONDS HAVE ALL BEEN RETIRED,
and there are no bonds outstanding the
payment of which we have the right TO in
sist upon. The contribution to the sinking
fund which furnishes the occasion for ex-
penditure in the purchase of bonds has al
ready been made for the current year, SO
that there is no outlet in that direction.
In the present state of legislation the
only pretense of any existing executive
power to restore, at this time, any part of
our surplus revenues to the people by its
consists in the supposition
that the secretary of the treasury may en-
ter the market and purchase the bonds of
the government not yet due, at rate oi
premium to be agreed upon.
a power could be, is found in the appropri-
alton bill passed number of years ago !;
and it is subject to the suspicion that 1t
was intended as temporary and limited in
its application, instead of comforting a
discretion and authority. No
condition ought to exist which would jus
tify the grant of power to a single Official
upon its necessity, to withhold from or re-
lease to the business of the people, in an
unusual manner, money held In the treas
ury, and thus effect, at his will, the fnan-
cial situation of the country and il ii is
deemed wise to lodge in the secretary of the
treasury the authority in the present juno
ture to purchase bonds, il should be plain
ly vested, and provided as far as possible,
with such checks and limitations as will
define this officials right and discretion,
and at the same time relieve him from un-
due responsibility.
In considering the question of purchas-
ing bonds as means OF re-
storing TO circulation the sur
plus mony accommodating In the
treasury, it should be borne in mind that
premiums must of course be paid upon
such purchase, that there may be large
part of these bonds held as investments
which cannot be purchased at any price.
and that
COMBINATIONS AMONG HOLDERS
Who are willing to sell, may unreasonably
enhance the cost of such bonds to The
government.
1t has been suggested that the present
bonded debt might be refunded at less
ate of interest, and the difference between
he old and new security paid in cash, thus
inding use for the surplus in the treasury.
The success of this plan, it is apparent,
must depend upon the wolf ion of the
holders of the present bonds and it is not
entirely certain that the inducement which
must be offered them would result in more
financial benefit TO the government than
he purchase of bonds, while the latter |
would reduce the principal of
he debt by actual payment, instead of ex-
ending il.
The proposition to deposit the money |
leld by the government in banks through. /
ut 2 the country, for use
y the peope, is il seems to
ne, exceedingly Objectionable in prin
iple, as establishing too close a relation
hip between the operations OF the govern
nent treasury and the business of the
ountry, and too extensive a commingling |
# their money: thus fostering an unnatur-
i reliance in private business upon pubic
unds. If this scheme should he adopted |
should only be done as temporary ex-
'edient to meet an urgent necessity.
legislative and executive effort should
generally be in the opposite direction and
hould have tendency to divorce, as much
nd as fast as can safely be done, the
department from private enter
rise. OF course it is not expected that un-
ecessary and extravagant appropriations
Iill be made for the purpose of avoiding
he accumulation of an excess of revenue.
UGH expenditure, beside the demoraliza-
ion of all just conceptions of public duty
7hich it entails, stimulates habit of reck-
=ss improvidence not in the last consistent
nth the mission of our people or the high
nd benefcient ideas of our government
L have deemed it nv duty to thus bring
D the knowledge of my countrymen as well
S the attention of their representatives